电池及储能行业周报：电车月度销量新高，逆变器出口同环比双升

Investment Rating - The report maintains a standard rating for the battery and energy storage sectors, indicating a cautious but optimistic outlook for the industry as a whole [5]. Core Insights - The report highlights a significant increase in electric vehicle sales, with September 2023 recording a monthly high of 1.287 million units sold, representing a year-on-year growth of 42.3% and a month-on-month increase of 17% [6][12]. - The supply side of the industry is undergoing orderly adjustments, leading to price stabilization across various materials, including lithium salts and electrode materials [13][22]. - The energy storage sector is experiencing a decline in new bidding projects, with a total scale of 1.73 GW/5.36 GWh for the week ending October 11, 2024, indicating a cautious market sentiment [15][31]. Summary by Sections Battery Sector - Sales Performance: In September, domestic new energy vehicle sales reached 1.287 million units, with a penetration rate of 51.0%. Cumulative retail sales for the year reached 8.32 million units, up 32.5% year-on-year [6][12]. - Supply Chain Adjustments: The lithium salt market is experiencing price fluctuations due to ongoing supply-demand negotiations. Prices for lithium carbonate and lithium hydroxide are reported at 72,700 CNY/ton and 69,900 CNY/ton, respectively [22][30]. - Key Companies to Watch: - CATL (宁德时代) is projected to ship 480 GWh in 2024, with an estimated profit of 46 billion CNY [14]. - Teruid (特锐德) is expected to benefit from upgrades in the power grid investment structure, enhancing its market position [14]. Energy Storage Sector - Bidding and Project Updates: The energy storage market saw 7 new bidding projects and 12 awarded projects, with a total scale of 1.73 GW/5.36 GWh. The average bidding price for energy storage EPC projects was 0.86 CNY/Wh, down 2.7% from the previous week [15][31]. - Market Dynamics: The commercial energy storage sector has not met expectations, with a year-on-year decline of 34% in installed capacity for August 2024 [16]. - Key Companies to Watch: - Shangen Electric (上能电气) has established a full industry chain layout in energy storage, leading in inverter shipments domestically [17].